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Binance deletes Bitcoin (BTC) accounts on Suex exchange

Thu 23 Sep 2021 ▪ 16h08 ▪ 3 min read — by Susan McCormack

Binance has supported the US authorities’ decision to sanction the Suex Bitcoin exchange. On 23 September, Binance Holdings Ltd. Founder Changpeng Zhao shared some details of the Suex case in Twitter.

Suex: money laundering tool

Suex offers purchasing cryptocurrency via Visa and Mastercard, as well as converting crypto into fiat and exchanging coins for real estate, cars, and yachts. The company is legally registered in the Czech Republic. The offices are located in Moscow and St. Petersburg. Since 2018, Suex has processed cryptocurrency transactions worth over £683 million at least.

Suex mainly communicated with clients via Telegram, the chat was invite-only. All transactions were performed at face-to-face meetings in one of the Suex offices.

The US Treasury Department reported that the exchange had performed operations with the funds of at least eight ransomware programs, scam projects, and darknet marketplaces.

Yesterday, on 22 September, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it had added a Russia-based entity, Suex OTC, to its Specially Designated Nationals list.

The Ministry emphasises that it is the first time when such measures are being introduced with the FBI assistance.

Binance responds

The exchange approves of the measures taken yesterday by the OFAC in relation to Suex OTC. Suex was added to Specially Designated Nationals list. Together with the details of the company, 25 cryptocurrency addresses were listed.

Binance CEO has commented on the issue in Twitter:

The exchange has also made a post on their blog, stating that “Binance will continue supporting law enforcement and regulators to ensure that those who violate the law will be brought to justice. Binance has dedicated all the appropriate resources to thwart those who attempt to abuse the platform or pose any risk to our users. As an industry, we must tackle this challenge head-on in partnership with law enforcement across the globe.”

Meanwhile, the co-founder of Suex, Vasily Zhabykin, refutes any illegal activity and says that the US authorities have made a mistake. Zhabykin claims that the company was created to develop software for the financial industry.

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Susan McCormack avatar
Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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